Berenstein: Coinbase Will Be the Biggest Beneficiary of ETH's Rise, Altseason Has Begun
BlockBeats News, August 11th, Bernstein analysts stated that with the rise of ETH and the arrival of altcoin season, Coinbase will become the biggest beneficiary.
Lead by Gautam Chhugani, the analysts pointed out in a report to clients on Monday that since the sensational IPO of stablecoin issuer Circle on June 5th, ETH has risen by 80%. With the realization that most stablecoins are issued on the Ethereum network, investor interest in the Ethereum ecosystem is growing.
Chhugani stated: "In cryptocurrency terms, this market structure is known as an 'altcoin season rally,' where digital assets other than Bitcoin show a stronger rebound compared to Bitcoin. We believe that the altcoin rebound has already begun (the recent excellent performance of ETH has already reflected this), and Coinbase will be the biggest beneficiary as it has listed over 250 tokens and integrated Base Layer 1 tokens into the Coinbase App."
The analysts pointed out that Base Layer 1 processes over 9 million transactions per day from various applications, with Gas fees settled in ETH, resulting in Coinbase earning $75 million in sequencer fees annually. They stated that Coinbase also earns brokerage fees by integrating Base Layer 1 tokens on its trading platform and launching the Base App for cryptocurrency trading.
The analysts further noted that Coinbase's staking activities (primarily for ETH) account for 10% of the company's total revenue. Therefore, as asset prices rise, this revenue is expected to increase as well. They pointed out that Coinbase also holds a massive ETH reserve of 136,782 ETH (worth $570 million).
You may also like
The large models in the United States are moving towards closure in the name of security
Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion
From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework
Why do cryptocurrency projects always like to change their names?
Global Launch: As predictions become the most scarce asset in the AI era, Manadia is defining the next generation of the value internet
Who is footing the bill for the $64 billion accounting frenzy?
I never expected that the first application of AI x Crypto would be in security auditing
What is your view on Binance's competitive advantages?
ETH has entered a non-consensus phase, and the turning point is approaching!
The shift in the cloud of the air: from despising stablecoins a year ago to the high-profile entry of capital today
The survival dilemma of small and medium exchanges behind the withdrawal anomalies exposed by AscendEX
Why Is Bitcoin Falling Below $60K? 5 Key Market Drivers Explained
Bitcoin has dropped sharply amid ETF outflows, Strategy stock weakness, AI stock rallies, and changing Fed expectations. Explore the key forces driving BTC’s latest correction and what traders should watch next.
Bitcoin vs. Gold in 2026: Which Asset Performs Better in Different Markets?
Morning News | The draft amendment to the People's Bank of China Law aims to clarify the legal status of digital renminbi; South Korea will transfer about 40 unregistered virtual asset service providers to law enforcement agencies
The cryptocurrency industry has entered the "Show Me" era: merely relying on vision is no longer enough
Interpreting the Ethereum Foundation's new structure: Reaffirming self-sovereignty amid institutional trends
Former SpaceX engineer reconstructs the financial execution system using first principles
Standard Chartered Bank sings a 50x rhapsody again, aiming for AAVE to reach 3500 USD
The large models in the United States are moving towards closure in the name of security
Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion
From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework
Why do cryptocurrency projects always like to change their names?
Global Launch: As predictions become the most scarce asset in the AI era, Manadia is defining the next generation of the value internet
Who is footing the bill for the $64 billion accounting frenzy?
Popular coins
Latest Crypto News
